Too many payday loans

danni05,

Sonic will not accept payment arrangements and they are not licensed in any state in the US, and they have committed several violations in the US in regards to the state laws. People have had them consolidated and they will take that arrangement but will not sign the contract from the consolidation company. You need to revoke the wage assignment with Sonic by faxing, emailing, and mailing the letter USPS certified mail with return receipt and give a copy of the wage revocation to your employer. As for Ten Dollar Payday, they are connected to Rio Resources. Someone will be along and able to help with the other pdls that you have listed.

When you are making payment proposals, make sure that you have everything in writing for your proof. You will be able to use the information in case you need to dispute something later.

Do you have the contract in writing with these companies before taking the loan? The charges added in the principal amount will be mentioned in it. Review it thoroughly before you make any arrangements with them.

I have heard so much of T&C. Can you provide me their info? Also, do you know if I go in default, will the PDL's be putting it on my credit report?

Hi Danni,

I personally never used T&C, so I don't have contact info, but someone who has used them will help you out shortly.

As far as PDLS making black marks on your credit...I defaulted on 6 last winter, and not one of them reported against me. I don't know if this is the minority or the rule, but I was happy about that.

They do report to teletrack(not to be confused with telechek)however. This is an agency used by sub-prime lenders to determine your chances of paying back a loan. By sub-prime I mean rent-to-own places and buy-here-pay-here car dealerships. Banks do not use this.

Internet payday loan lenders are usually not licensed in anyone's state, and are usually breaking all kinds of usury laws so they can't get a judgement to garnish your wages. (wage assignment is a different animal..Sonic LOVES these, get that revocation letter out asap) BUT>>If your pdl goes to a collection agency, they can and might obtain a judgement and garnish, and they most likely will report to the credit bureaus.

Do you think they will start calling my employer?

danni05

The companies might call your lenders if you are defaulting in the payments. Legally, you can stop the CA from making further contacts by sending the Cease and Desist letter.

Before the companies start calling your workplace or home, call them and arrange an alternative beneficial to your situation. This way, you won't have to undergo some embarrassing moments in case, if it happens in the future.

Thanks for your response aciotsf. Do you know where I could get a copy of a letter to settle my accounts? What do you think are my chances of getting this settled w/ these PDL companies?

I found out this letter in the site. Hope this helps in your case in arranging a settlement with your lender. Reword the letter as per your specific situation.

Quote:

Can you tell me how I would get in contact with T&C? I have heard many positive things about them and would like to talk to them about 5 payday loans that I have taken out. Thanks a lot.

dbaker
I'll pm you.

Hi Danni, glad to see you sticking around in the forums.

First off, have you checked to see the payday loan laws particular to your state? You can view the terms here:

http://www.paydayloaninfo.org/states.cfm

How many payday loans do you have? Are you currently getting hit every payday by your lendors? If matters are getting out of hand, I would consider writing each one a letter, and explaining your situtation. Have you considered using the help of a debt consolidator offered by this site?

Please keep us informed.

Regards
Mike

THanks Mike. I actually enjoy reading the forums. I have contacted T&C and had paid my fee and sent in my forms. Do you know what the next step is? How do I pay my monthly payment? Did you ever need to use them?